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US corporation Rio Tinto Group has agreed to buy a mine in Argentina for $ 825 million, as the world’s second-largest mining group continues its eager campaign for battery materials.
Mining groups are looking for more and more technology assets of the future such as lithium, copper or even fertilizers.
Rio said this week it had taken control of the Rincon plant in the Argentine province of Salta, from private buyers who owned it. The lithium vinegar reservoir project is located in what is known as the “lithium triangle” and is the best material depository in South America.
The American continents have a lot of lithium deposits, experts say, the demand for which is strongly encouraged by the battery industry of electrical appliances.
“This acquisition is in line with our strategy for commodities that support decarbonisation and return on investment for investors,” said Chris Berry, chief executive of US industry analysts.
The development comes after Rio bought a lithium mine in Serbia for $ 2.4 billion but has not yet started work on protests by the local community there.
“Obstacles like these make the new project in Argentina more important,” says Berry.
The push of the Rio Group towards lithium projects has greatly increased its price and demand from the industry.
Rio Group’s biggest rival, BHP Group is focusing its resources on nickel mining projects in Canada, also in demand in the production of modern batteries.
It is also building a giant fertilizer mine, as is the other Anglo American Plc company.
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